Type
of Policy
|
Implication
|
Regulatory
Intervention
|
Remarks
/ Expectations
|
Medical
Policies
|
Coverage
includes hospitalization due to COVID 19 if undertaken in private medical
establishments
|
1.IRDAI
has instructed all insurers to carry the message of coverage in their
websites
2.For
premium falling due between 25th March – 14th April ,
IRDAI has allowed premiums to be paid by the 21st of April 2020 by amendment
of Sec 64VB of the Insurance Act.
3.
Per IRDAI, insurers to condone delay in payment of renewal premium up to 30 days in all individual health
policies
|
-
|
Life
Policies- Retail
|
Coverage
includes death due to COVID 19
|
1.IRDAI
has instructed all insurers to carry the message of coverage in their
websites
2.Additional
grace period of 30 days given for renewal premiums payable in the moths of
March & April 2020
|
-
|
Motor
Policies
|
Change
in 3rd party premiums
|
1.IRDAI
has kept its annual 3rd party rate hike on hold beyond 31st
March 2020
|
-
|
Motor
Policies
|
No
direct impact
|
2.
For premium falling due between 25th March – 14th April
, IRDAI has allowed only 3rd party premiums to be paid by the 21st
of April 2020 by amendment of Sec 64VB of the Insurance Act
|
-
|
Personal
Accidental Policies
|
No
direct impact, as COVID related deaths are not treated as accidental deaths
|
-
|
-
|
Property
Insurances
|
No
direct impact. However due to “Work from Home” measures advised by GOI, a few
businesses have moved business assets to employees residences. Suggested that
at-least intimation of such movement are made to the insurance companies
|
1.
IRDAI has instructed all property related insurers to include COVID 19
related exclusions as part of the standard exclusions
|
Given
the complete lock down situation especially during end March (being financial
year end) industry was expecting IRDAI to extend benefit of short period
policies by payment of pro-rate premium
IRDAI
/ Insurers response to movement of business assets to employees residences is
still awaited
|
Travel
Insurances
|
Lockdown
situation has resulted in few instances of trip curtailments, trip
cancellations, etc., situations
|
IRDAI
has allow travel insurance policyholders to extend the start/end dates of
policies valid between March 22, 2020, and April 30, 2020
|
IRDAI’s
intervention on claims settlements arising out of trip curtailments is still
awaited
|
Business
Interruption Policies
|
The
predominant business interruption policies offered in the Indian market are
interruptions arising out of named perils, viz., Fire Loss of Profits,
Machinery Loss of Profits, etc.,
|
-
|
-
|
COVID
19 Policies
|
Quite
of few of the insurers have launched policies (both indemnity/benefit plans)
specific to the COVID 19 virus
While
a few have been launched through IRDAI sandbox route, others have been
launched directly. However most of the benefit plan have already been
discontinued even before full awareness of the product has percolated in the
market
|
-
|
It
is suggested that IRDAI comes to guidelines on the minimum duration of the
launch period, pricing , etc.,
|
Reinsurance
Programs
|
Due
to global lockdown mode, the reinsurance arrangements / treaties renewals
entered by insurers will get impacted. Further insurers need to file Board approved
Re-insurance program as also synopsis of catastrophe modeling report with
IRDAI by the 30th April
|
IRDAI
has extended the date for filing of
the same by 31st May 2020
|
-
|
PERSONAL ACCIDENT INSURANCE Personal accident insurance covers death, disablement, bodily injuries to the Insured resulting solely and directly from accident caused by external violent & visible means within 12 months of its occurrence . Accident may include events like: · Rail/Road/ Air accidents · Injury due to any violent collision/ fall · Snakebite, · Burn Injury, Drowning, Poisoning etc. Who can buy this policy? Individuals Members of Family Members of Groups Organizations What is the cover? Table I Death cover Table II Death and Permanent Total Disablement Table III Death Disablement & Temporary Total Disablement Other Features are: l Free look Period: I nsured will be allowed a period of at least 15 days from the date of receipt of the policy to review the terms and conditions of the policy and to return the same if not acceptable. l Cumulative bonus: Compensation payable shall be i
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